Maybank buys remaining stake in Etiqa’s holding company from Ageas for RM4.83 bil
Maybank has agreed to acquire the remaining 30.95% stake in Maybank Ageas Holdings from Ageas SA for RM4.83 billion. This move grants the Malaysian bank full ownership of its insurance and takaful subsidiary, Etiqa, as part of its regional growth strategy.
Why it matters
Full ownership of Etiqa allows Maybank to consolidate its insurance operations and streamline its financial services strategy across Southeast Asia.
BURSA SGX Home M&A Make The Edge Malaysia your preferred source on Google "This transaction represents an important milestone for Maybank in charting its insurance and takaful business’ next growth phase across Southeast Asia.” — Maybank president and group CEO Datuk Seri Khairussaleh Ramli. KUALA LUMPUR (Aug 3): Malayan Banking Bhd (KL: MAYBANK ) is acquiring the remaining 30.95% stake in Etiqa's holding company, Maybank Ageas Holdings Bhd, from Belgian insurer Ageas SA for RM4.83 billion, giving Malaysia's largest lender full ownership of its insurance and takaful business.
In a statement on Monday, Maybank said it had signed an implementation agreement with Ageas Insurance International NV to acquire the remaining stake in its 69.05%-owned subsidiary, Maybank Ageas.
Maybank Ageas is the holding company for Etiqa's operations in Malaysia and Singapore, offering life and general insurance as well as family and general takaful products through multiple distribution channels.
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